ESG Reporting Software Market Size is valued at USD 0.71 Bn in 2022 and is predicted to reach USD 2.25 Bn by the year 2031 at a 13.86% CAGR during the forecast period for 2023-2031.
Eco-friendly, social, and governance (ESG) reporting, a type of corporate disclosure, outlines a firm's environmental, social, and governance dedications, efforts, and developments. Because of the need for inexpensive storage due to the increase in data, cloud-based information management infrastructures are frequently adopted. It is favoured because it requires less support from IT infrastructure, can be implemented quickly and predictably, upgrades automatically and seamlessly, and can be used more easily with cloud-based data.
As a result, businesses are implementing new methods and technology more frequently in order to lower energy expenses and adhere to energy-efficiency laws. Governments everywhere are setting higher goals for pollution restrictions and energy standards. Through the application of real-time data-driven predictive modelling methodologies, big data and analytics technologies are assisting enterprises in the energy sector in lowering their overall operating expenses. Analytics investment has surged across a number of industries, including banking, finance and insurance, healthcare, and E&U, as a result of these advantages.
However, businesses will spend a lot of money integrating EHS infrastructure with their current software. Adoption by SMEs can be extremely difficult due to associated costs, such as the high initial cost, which limits the adoption's potential. Because of this, integrating environmental, sustainability, and governance (ESG) reporting tools with enterprise resource planning (ERP) systems is becoming increasingly difficult./ The COVID-19 pandemic has had an adverse effect on the regional market for ESG reporting software. This is because it has caused several end-use businesses to cease operations, including electricity, oil and gas, chemicals, and others.
Competitive Landscape
Some Major Key Players In The ESG Reporting Software Market:
- Wolters Kluwer (Netherlands)
- Nasdaq (US)
- PwC (UK)
- Workiva (US)
- Refinitiv (UK)
- Diligent (US)
- Sphera (US)
- Cority (Canada)
- Intelex (Canada)
- Greenstone (UK)
- Novisto (Canada)
- Emex (Ireland)
- Enhelix (US)
- Anthesis (UK)
- Diginex (Hong Kong)
- Bain & Co. (US)
- Keramida (US)
- Isometrix (US)
- Accuvio (acquired by Diligent) (US)
- Others
Market Segmentation:
The ESG Reporting Software market is segmented based on component, deployment type, organization size, and vertical. As per the component, the market is divided into Solutions and services. The deployment type segment comprises on-premises and cloud. As per the organization size, the market is divided into large Enterprises and SMEs. According to vertical, the market is divided into BFSI, government, public sector & non-profit, and retail.
Based On The Deployment, The Cloud ESG Reporting Software Segment Is Accounted As A Major Contributor To The ESG Reporting Software Market.
The cloud ESG reporting software is expected to hold a significant global market share in 2022 because of the growing popularity of cloud-based solutions and the advantages of cloud-based deployment, like easy accessibility and lower capital costs.
The SME Segment Witnessed Growth At A Rapid Rate
The SME segment is projected to grow rapidly in the global digital substation market because it has also been demonstrated that ESG activities increase staff productivity, cut costs, and improve efficiencies for SMEs. While the adoption of statutory ESG regulations is still sluggish, SMEs can gain an advantage by locating pertinent voluntary frameworks and aligning their ESG priorities with industry best practices. By doing this, they are able to take advantage of their advantage over slower-moving rivals, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American ESG Reporting Software Market Holds A Significant Revenue Share.
The North American ESG reporting software market is expected to register the greatest market share in revenue in the near future. It can be attributed that environmental risks have been reduced by the widespread use of environmental, sustainability, and governance (ESG) reporting software. In addition, It is projected that improving reimbursement guidelines and building out the healthcare infrastructure will spur market expansion. In addition, Asia Pacific is estimated to expand rapidly in the global digital substation market, boosted by increased demand for power in the ESG software market during the coming years, owing to breast cancer rates and the use of advanced diagnostic techniques.
Recent Developments:
- In May 2023, Novisto raised $20 million in a Series B funding round led by Inovia Capital, and went well. Portage and SCOR Ventures put money into the round for the first time, and White Star Capital and Diagram Ventures also put money in. Novisto used these funds to speed up the creation of new products and its market growth.
- In March 2023, PwC and Sphera joined forces to hasten the expansion of their market leading ESG management platform. By combining their technology and strategy consulting strengths, Sphera and PwC hope to rapidly grow their customer base, increase adoption of the Sphera platform's features, and build a more robust ESG digital ecosystem for their clients.
ESG Reporting Software Market Report Scope
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Report Attribute |
Specifications |
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Market Size Value In 2022 |
USD 0.71 Bn |
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Revenue Forecast In 2031 |
USD 2.25 Bn |
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Growth Rate CAGR |
CAGR of 13.86% from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Component, By Deployment Type, By Organization Size, By Vertical |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Competitive Landscape |
Wolters Kluwer (Netherlands), Nasdaq (US), PwC (UK), Workiva (US), Refinitiv (UK), Diligent (US), Sphera (US), Cority (Canada), Intelex (Canada), Greenstone (UK), Novisto (Canada), Emex (Ireland), Enhelix (US), Anthesis (UK), Diginex (Hong Kong), Bain & Co. (US), Keramida (US), Isometrix (US), Accuvio (acquired by Diligent) (US). |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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